Figaro Coffee Group (FCG) of tech bilyonaryo Jerry Liu was piping hot as it topped the winners’ list on its third day since its debut on the Philippine Stock Exchange.
FCG surged 18 percent to 92 centavos on January 26 with P441 million value traded, the second most active stock for the day. It had a net foreign buying of P16.21 million.
Market players are betting FCG could reach its original IPO price of P1.28 per share due to an upbeat investor outlook and manageable float.
| RELATED STORIES:
Liu slashed FCG’s offer price by 53 centavos to 75 centavos, reduced its offer size by 35 percent to 1.386 billion, and moved its listing date from 31 December 2021 to 24 January 2022 in reaction to Medilines Distributors’ appalling IPO performance since its listing on December 7, 2021.
Medilines is a medical equipment provider owned by the brother of the richest bilyonaro Manny Villar.
Market players apparently think this is an overreaction of Liu’s part and have picked up the shares after two days of tepid trading.
Abacus Securities said FCG’s Angel’s Pizza was the best-selling pizzabrand on GrabFood. With rivals in the restaurant business reeling from squeezed margins amid the pandemic, Abacus said.
FCG has a long runway for growth” with its high margins, affordable price point and aggressive expansion. Abacus Capital is one of the lead underwriters and bookrunners of FCG’s IPO.